Golub borrows $29 million for O'Hare-area office deal

Golub borrowed from a unit of Lone Star Funds to finance its acquisition of 8550 W. Bryn Mawr Ave. Photo from CoStar Group Inc.

Mortgage

An affiliate of Chicago-based Golub & Co. used a $28.8 million loan from a unit of Lone Star Funds to acquire International Tower, an office property near O'Hare International Airport, from a different Lone Star venture. The Golub affiliate paid $40.9 million for the 302,000-square-foot at 8550 W. Bryn Mawr Ave. in Chicago, Cook County property records show. The Lone Star venture that sold the building acquired it for nearly $30.3 million in a portfolio deal earlier this year. Representatives from Golub and Lone Star could be not reached. Dallas-based Lone Star invests in distressed properties.

Sale

A Northbrook-based real estate firm paid $5.2 million for a 33,500-square-foot office building in north suburban Northfield. An affiliate of New Channels Realty acquired the three-story building at 400 Central Ave. from a venture led by local auto dealer Edward F. Napleton. The building, just off the Willow Road interchange with the Edens Expressway, “fits right into our strategy of buying Class B offices in Class A markets,” said New Channels Owner Steve Qualkinbush. The property is 86.5 percent leased, mainly to small tenants, according to CoStar Group. New Channels financed the acquisition with a $4 million from Chicago-based PrivateBank & Trust, according to a mortgage filed with Cook County. "It's just a family asset that we've had for a long time and we received a good offer for it," Mr. Napleton said.

Foreclosure

Two ventures controlled by Santa Monica, Calif.-based real estate investor Colony Capital sued to collect about $483,745 from a Chicago investor named Grozda Markovska. The foreclosure suit alleges Markovska defaulted on separate loans on a small commercial building at 2654 N. Lincoln Ave. in Lakeview and a home near Madison and 53rd streets in Countryside, and another loan secured by both buildings. A spokeswoman for Colony and a Markovska family member both declined to comment.